What is the IRS Audit Statute of Limitations?


by Trung Tran on October 24, 2018  0 Comment

What is the IRS Audit Statute of Limitations?
Filing your tax return to the IRS can be an absurdly arcane process depending on who you are. Business owners, people with foreign assets, and even charity contributors all seem to have extra hoops to jump through to satisfy the IRS. It is not surprising that people make mistakes under those circumstances. In some cases, these mistakes can result in you understating your income, which is the best way to get on the IRS's bad books. With that said, what is the IRS audit statute of limitations? Standard Procedure You have been notified that the IRS suspects that your banking activities are not entirely on the up and up. Given that the issue is only a minor error, the IRS ...

The Smartest Ways to Handle an IRS Audit


by Trung Tran on October 24, 2018  0 Comment

An IRS audit is stressful, but there's a silver lining. In most cases, an audit by the IRS should not worry you, because it doesn't necessarily mean you're in trouble. In many cases, the IRS has a few questions, and a few simple answers will suffice.We're here to help with your tax audit. This article will explore the kinds of audits you might face, as well as the best ways to handle them.An Audit Does Not Mean You Are Guilty Receiving a letter from the IRS does not indicate that you are guilty of tax evasion or any other crime. There are many outcomes to an audit. Yes, you may owe additional taxes, but that is just one ...

IRS Installment Payment: Having Multiple Installment Agreements With the IRS


by Trung Tran on October 24, 2018  0 Comment

You're about to have trouble paying for another year of taxes while already having an IRS installment payment due. You're desperate to know where you should go from here. Is it's possible to have multiple installment agreements with the IRS? Let's take a look at what installment agreements are before we get to the heart of the matter. It's important to know all this to understand why the IRS works the way that it does.How Do They Work?You have a few options moving forward if you find that you have taxes due to the IRS and you are unable to pay on time. You could request an extension on the IRS installment payment and take the penalties and ...